Audit and Accounts Committee - Wednesday, 26 June 2024 6.00 pm

June 26, 2024 View on council website
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Summary

The Audit and Accounts Committee of Salford Council convened on Wednesday, 26 June 2024, to discuss several key issues, including the approval of the council's financial statements, a review of internal audit reports, and updates on risk management. The committee approved the financial statements for the year ending 31 March 2024, and several recommendations were made to improve internal controls and risk management processes.

Approval of Financial Statements

The committee reviewed and approved the council's financial statements for the year ending 31 March 2024. The statements were presented by the council's finance team, who highlighted key figures and provided an overview of the council's financial position. The approval followed a detailed discussion on various aspects of the financial statements, including income, expenditure, and reserves.

Internal Audit Reports

The committee examined several internal audit reports that assessed the effectiveness of the council's internal controls. The reports identified areas where improvements were needed, particularly in procurement processes and contract management. One of the key recommendations was to enhance the monitoring of contract performance to ensure value for money. The committee agreed to implement the recommendations and requested a follow-up report in six months.

Risk Management Updates

Updates on the council's risk management processes were provided, focusing on the identification and mitigation of key risks. The committee discussed the importance of maintaining a robust risk management framework to safeguard the council's operations and assets. Specific risks related to cyber security and data protection were highlighted, and the committee recommended increasing investment in these areas to strengthen the council's defences.

External Audit Plan

The external auditors presented their audit plan for the upcoming year, outlining the scope and objectives of their audit. The plan included a focus on significant risks such as financial sustainability and compliance with statutory requirements. The committee endorsed the audit plan and emphasised the need for close collaboration between the council and the external auditors to ensure a smooth audit process.

Treasury Management

The committee reviewed the council's treasury management activities, including investment strategies and borrowing arrangements. The finance team reported on the performance of the council's investments and the management of its debt portfolio. The committee noted the importance of prudent treasury management in maintaining the council's financial stability and recommended exploring additional investment opportunities to maximise returns.

For more detailed information, you can refer to the Public reports pack and the Agenda frontsheet of the meeting.